NJ: Casino Logic Defies, Morgan Stanley Bailout

Gambling Investors salivating to exploit Massachusetts residents, often point to the wondrous success of casinos in New Jersey, failing to mention 17% unemployment, even with the multitudes of low wage jobs they offer. Or even the Mob ties.

Legislators, in love with casinos and campaign contributions, removed local control from voters with more sense who oppose a Morgan Stanley bailout.

Aaahhh, yes! Notice the carrot - 'we'll finish blah, blah, if only you'll just bail us out.'

Revel intends to reapply for $300M in sales tax breaks for Atlantic City casino after replacing chief investor


ATLANTIC CITY — Revel Entertainment Group intends to reapply for $300 million in sales tax breaks after it replaces its chief investor for its stalled Atlantic City casino project.

Morgan Stanley recently announced it was better to take a $932 million loss on the casino-hotel than to spend money to finish it.

Revel CEO Kevin DeSanctis told The Press of Atlantic City the gaming company intends to commit to using the sales tax breaks for redeveloping the South Inlet, the long-neglected area around Revel.

Opponents of the proposed tax break have enough valid signatures to force a referendum on it this fall.

But a bill awaiting action by Gov. Chris Christie would strip municipalities of the right to hold referendums on projects funded by state stimulus money.